Around the World's Markets: New York

US STOCKS fell for a second day on concern the Federal Reserve will raise short-term borrowing costs more than once. Financial companies such as Morgan Stanley Dean Witter & Co and Goldman Sachs Group led the decline. The Dow Jones fell 54.77 - or 0.5 per cent - to 10,666.86. The Nasdaq rose 17.87 - or 0.7 per cent - to 2,598.13, regaining part of yesterday's 1.9 per cent loss.

"The market, in the face of rising interest rates, is believing there's a little risk here,'' said one analyst.